IDEAS home Printed from https://ideas.repec.org/p/qed/wpaper/1437.html
   My bibliography  Save this paper

Preparing for Future Pandemics: Stress Tests and Wargames

Author

Listed:
  • Frank Milne

    (Queen's University)

  • David Longworth

Abstract

There is an important interdependence between economic, financial and health policy actions. The recent Covid-19 crisis has demonstrated that, apart from the direct economic consequences from illness and death from the virus, the main economic and financial costs have been due to the varying degrees of preventative measures taken by the public, firms, and governments that directly impacted economic and financial activity. This paper proposes the use of regular, combined medical, economic and financial stress tests and wargames in preparing for future pandemics and other major environmental shocks.

Suggested Citation

  • Frank Milne & David Longworth, 2020. "Preparing for Future Pandemics: Stress Tests and Wargames," Working Paper 1437, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:1437
    as

    Download full text from publisher

    File URL: https://www.econ.queensu.ca/sites/econ.queensu.ca/files/wpaper/qed_wp_1437.pdf
    File Function: First version 2020
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. repec:ucp:bkecon:9780226081946 is not listed on IDEAS
    2. Charles Beach & Frank Milne, 2019. "Ontario Post-Secondary Education Funding Policies: Perverse Incentives and Unintended Consequences," Working Paper 1424, Economics Department, Queen's University.
    3. Nicholas Le Pan, 2016. "Fault Lines: Earthquakes, Insurance, and Systemic Financial Risk," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 454, August.
    4. Glenn Ellison, 2020. "Implications of Heterogeneous SIR Models for Analyses of COVID-19," NBER Working Papers 27373, National Bureau of Economic Research, Inc.
    5. Frank Milne, 2008. "Anatomy of the Credit Crisis: The role of Faulty Risk Management Systems," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 269, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Preparation > Crisis management

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Frank Milne & David Longworth, 2020. "Covid-19 and the Lack of Public Health and Government Preparation," Working Paper 1436, Economics Department, Queen's University.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Goodkin-Gold, Matthew & Kremer, Michael & Snyder, Christopher M. & Williams, Heidi, 2022. "Optimal vaccine subsidies for endemic diseases," International Journal of Industrial Organization, Elsevier, vol. 84(C).
    2. Shami, Labib & Lazebnik, Teddy, 2022. "Economic aspects of the detection of new strains in a multi-strain epidemiological–mathematical model," Chaos, Solitons & Fractals, Elsevier, vol. 165(P2).
    3. Bisin, Alberto & Moro, Andrea, 2022. "Spatial‐SIR with network structure and behavior: Lockdown rules and the Lucas critique," Journal of Economic Behavior & Organization, Elsevier, vol. 198(C), pages 370-388.
    4. Dirk Niepelt & Mart n Gonzalez-Eiras, 2020. "Optimally Controlling an Epidemic," Diskussionsschriften dp2019, Universitaet Bern, Departement Volkswirtschaft.
    5. Abel Brodeur & David Gray & Anik Islam & Suraiya Bhuiyan, 2021. "A literature review of the economics of COVID‐19," Journal of Economic Surveys, Wiley Blackwell, vol. 35(4), pages 1007-1044, September.
    6. Mart n Gonzales-Eiras, Dirk Niepelt, 2023. "Optimal Epidemic Control," Diskussionsschriften dp2311, Universitaet Bern, Departement Volkswirtschaft.
    7. Mahmoud H. DarAssi & Mohammad A. Safi & Morad Ahmad, 2021. "Global Dynamics of a Discrete-Time MERS-Cov Model," Mathematics, MDPI, vol. 9(5), pages 1-14, March.
    8. Korolev, Ivan, 2021. "Identification and estimation of the SEIRD epidemic model for COVID-19," Journal of Econometrics, Elsevier, vol. 220(1), pages 63-85.
    9. Pol Antràs & Stephen J. Redding & Esteban Rossi-Hansberg, 2023. "Globalization and Pandemics," American Economic Review, American Economic Association, vol. 113(4), pages 939-981, April.
    10. Yasushi Iwamoto, 2021. "Welfare economics of managing an epidemic: an exposition," The Japanese Economic Review, Springer, vol. 72(4), pages 537-579, October.
    11. André, Keven R.A. & Arbex, Marcelo & Corrêa, Márcio V., 2023. "The economic implications of a network SIR-Macro model of epidemics," Economics Letters, Elsevier, vol. 225(C).
    12. Ben R. Craig & Tom Phelan & Jan-Peter Siedlarek, 2021. "Modeling Behavioral Responses to COVID-19," Economic Commentary, Federal Reserve Bank of Cleveland, vol. 2021(05), pages 1-6, March.
    13. Jeffrey E. Harris, 2020. "Data from the COVID-19 epidemic in Florida suggest that younger cohorts have been transmitting their infections to less socially mobile older adults," Review of Economics of the Household, Springer, vol. 18(4), pages 1019-1037, December.
    14. Mellacher, Patrick, 2023. "The impact of corona populism: Empirical evidence from Austria and theory," Journal of Economic Behavior & Organization, Elsevier, vol. 209(C), pages 113-140.
    15. Bisin, Alberto & Moro, Andrea, 2022. "JUE insight: Learning epidemiology by doing: The empirical implications of a Spatial-SIR model with behavioral responses," Journal of Urban Economics, Elsevier, vol. 127(C).
    16. Janiak, Alexandre & Machado, Caio & Turén, Javier, 2021. "Covid-19 contagion, economic activity and business reopening protocols," Journal of Economic Behavior & Organization, Elsevier, vol. 182(C), pages 264-284.
    17. Joshua S. Gans, 2020. "The Economic Consequences of R̂ = 1: Towards a Workable Behavioural Epidemiological Model of Pandemics," NBER Working Papers 27632, National Bureau of Economic Research, Inc.
    18. Brugnago, Eduardo L. & da Silva, Rafael M. & Manchein, Cesar & Beims, Marcus W., 2020. "How relevant is the decision of containment measures against COVID-19 applied ahead of time?," Chaos, Solitons & Fractals, Elsevier, vol. 140(C).
    19. Ben R. Craig & Tom Phelan & Jan-Peter Siedlarek & Jared Steinberg, 2020. "Improving Epidemic Modeling with Networks," Economic Commentary, Federal Reserve Bank of Cleveland, vol. 2020(23), pages 1-8, September.
    20. Toru Kitagawa & Guanyi Wang, 2021. "Who should get vaccinated? Individualized allocation of vaccines over SIR network," CeMMAP working papers CWP28/21, Centre for Microdata Methods and Practice, Institute for Fiscal Studies.

    More about this item

    Keywords

    Covid-19; Government Policy; Wargames; Stress Tests; Banking; Monetary Policy;
    All these keywords.

    JEL classification:

    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • H51 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Health
    • H84 - Public Economics - - Miscellaneous Issues - - - Disaster Aid
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:qed:wpaper:1437. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Mark Babcock (email available below). General contact details of provider: https://edirc.repec.org/data/qedquca.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.